But a good degree should provide you with at least some of the insight and intellectual equipment to check for yourself or to smell a rat when you encounter a complex situation so that you can call for help rather than watch in horror as the house collapses on your clients.
The "rule of thumb" engineering that you speak of made me remember the different constants that were taught we should just accept as is because, well, it is considered constant. Nevermind where the guy in the book got it from, this is what works and this is what people in the industry has accepted to be standard.